Ghana’s $750m Eurobond sees oversubscription as investor confidence returns

 

Ghana has launched a new $750m Eurobond not long after it withdrew a similar launch because of investor fatigue.

 

This latest bond offer has been oversubscribed according traders following the market closely.

 

Seith Terkper, Ghana’s Finance minister says of the improved yield of 9.25% “we found a window in the market.”

 

Ghana had attempted to launch a eurobond earlier but took it off the table when yields climbed above 10.4%.

 

Terkper said Ghana had made good success in refinancing an earlier bond offering which expires next month and which is believed to have led to drop in investor confidence.

 

Ghana is near a deal with the IMF for a budget support facility.